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Deal of The Year -- ABS

07 Sep 2007

Arsenal SecuritiesBarclays Capital and The Royal Bank of Scotland were lead managers on the £260 million ($523.5 million) Arsenal Securities deal, a unique transaction that saw London-based soccer club Arsenal securitize future ticket receipts and other income such as merchandising and broadcasting rights, to refinance its new Emirates Stadium in North London. "RBS was integral to the transaction and we felt really lived with us throughout the process," said Keith Edelman, managing director at Arsenal Football Club. Allen & Overy finance partner Gareth Price led the team advising the lead managers.   Breeze 2Breeze 2 not only stood out for its collateral ­ future power sales from French and German wind farms - but also established a new size benchmark for that niche. At €350 million ($435 million) the deal blew through the previous €100 million ($124.2 million) mark. The deal was also the first wind farm ABS to bring a number of different jurisdictions together. While project finance transactions typically have a holding company, Breeze 2 was structured more like a securitization, with senior and subordinate debt and a special purpose vehicle. HVB sourced the projects while Linklaters served as the underwriter's counsel. Breeze 2 closed in May 2006.   Vega ContainerVessel 2006-1The BNP Paribas-led and arranged deal was the first-ever container vessel securitization, which drew on the structuring methodology used for aircraft financing. Vega ContainerVessel 2006-1 securitized rental payments from Marseille-based firm CMA CGM on 12 container ships to be delivered in 2007 and 2008. The ships were sold into 12 different special-purpose entities. Having a different SPE for each ship allowed them to be released individually in case of a CMA CGM default. The issuance comprised $253.75 million of class A notes wrapped by XL Capital Assurance; a mezzanine tranche consisting of a $245 million bank loan syndicated to six shipping banks; and the $283.3 million unrated C notes.  Honours PLC Series 2

Deutsche Bank was underwriter on this £418.2 million ($844.7 million) deal, just one of two U.K. student loan securitizations ever launched. Honours 2 came seven years after the first student loan deal in the U.K., and was backed by a portfolio of 232,452 loans originated between 1990 and 1999, which was first sold to Deutsche Bank in 1999, one of two portfolios privatized and later securitized.

07 Sep 2007